Allianz defers decision on MF, pension foray

new delhi: world's third largest financial organisation allianz, which has insurance jv with bajaj auto, is eyeing the indian mutual funds and pension sectors while planning to go for bancassurance and e-commerce for selling its life and non-life products in india. "we will take a decision on whether to enter the mutual fund business or not after a year," allianz group asia-pacific executive vice-president heinz dollberg said here.he said the group intends to consolidate its existing business of life and general insurance this fiscal. allianz has a 26:74 tie up with bajaj auto in each of the life and general insurance vetures which started operations recently. dollberg said the company was planning to sell its products through bancassurance and e-commerce once the legislations are in place. the government is in the process of amending the irda act to allow intermediaries like brokers and corporate agents to sell insurance products. allianz is also eyeing the pension sector but dollberg said the group would take a decision after a year by which time necessary legislations would be in place. allianz, which manages assets worth over 1.1 trillion euro worldwide, had paid a premium to acquire the 26 per cent stake in the indian venture. dollberg said the company has no plans to infuse more capital in the indian venture in the next 12 months. bajaj allianz is one of the few companies like icici, hdfc, reliance and tata, which decided to foray into both life and non-life. dollberg said the company would launch more products in india that it offers in the international market slowly. he declined to give details of the products before they are cleared by the insurace regulatory development authority. currently, bajaj allianz offers seven tariff and 10 non-tariff products while providing risk management services in india. allianz is one of the few companies which insures large infrastructure like honk kong airport and the channel tunnel between england and france and most of the fortune 500 companies.